Doha – Mubasher: Mazaya Qatar Real Estate Development posted a 96.97% decline in net profits year-on-year in the fourth quarter of 2016, according to a bourse statement.

Net profits reached QAR 611,270 ($167,730) in Q4-16, compared to QAR 20.16 million in Q4-15.

The company generated profits of QAR 74.63 million in fiscal year 2016, down 33.8% from QAR 112.72 million in FY15.

Mazaya’s stock fell 4.97% to QAR 13.28 in Wednesday’s early trades.